The insurance sector needs to ensure it makes use of guidance aimed at rooting out economic abuse.
This is according to Johnny Timpson, who spoke to Health & Protection following government’s planned rollout of a free interactive guide aimed at helping staff at businesses and charities across the UK spot and tackle economic abuse when speaking to customers over the phone.
The guide, which will be made available widely later this year, is being released to 30,000 HM Revenue and Customs staff to help them spot the signs and create an appropriate environment for victims to disclose their experiences.
It builds on the government’s Economic Abuse Toolkit, released in January, and will help staff understand the different types of economic abuse, as well as what signs and characteristics to look out for.
HM Treasury added its aim is for the guidance – with support from industry, charities and experts – to be turned into a free interactive tool to support businesses and organisations whose employees also speak to customers daily.
Surviving Economic Abuse (SEA), which was one of the organisations that contributed to the toolkit, revealed it had seen a 150% increase in its website user numbers over the past two years – rising from 5,200 users in April 2021 to 13,000 in April 2023.
The charity’s research also found seven in 10 frontline professionals reported the number of victims of economic abuse coming to their organisation for help had increased since the start of the pandemic.
By the end of the first lockdown, SEA found one in five women were planning to seek help around welfare benefits.
Johnny Timpson, who addressed the issue at the Protection Review conference in December and is an ambassador for SEA, told Health & Protection it was crucial that all frontline employees particularly those in financial services were trained to understand and spot economic abuse.
This training should also cover how abusers might use their firm’s products and services to continue controlling a victim, Timpson added.
“I’d additionally like to dispel the myth that economic abuse is a banking sector issue as within the insurance industry, it’s just as much a hot spot area, with joint life protection policies a case in point,” Timpson continued.
“Having met and listened to survivors of economic abuse I’d like to share and highlight that the right response can be life-changing.
“If your firm has not considered adapting and adopting the SEA charity’s Consumer Duty guidance, I suggest do so ASAP,” he added.